Dear All,
 
 It is a pleasure for me to be among you for sharing the Annual Report
 of Kamdhenu Ispat Limited for the financial year 2010-11. I feel
 delighted to inform you that the company has been able to achieve its
 targets projected at the beginning of the financial year. The growth
 that we have registered is as per our expectations and based on our
 performance during the fiscal, we can sense a promising future for the
 company.
 
 The financial year under review has been the recovery period for the
 world economy. Bettering economic conditions have encouraged the flow
 of investment in infrastructural development and construction
 activities. The Government of India has also taken many steps to
 develop the infrastructure of the country. This has resulted into the
 emergence of various PPP projects in infrastructure sector and given
 opportunities to private players for contributing directly towards the
 growth of the country while expanding their business operations
 simultaneously. The performance of Kamdhenu Ispat Limited has also got
 
 benefited by the dynamics of economic environment of the country. It is
 due to the flexibility in our manufacturing process and efficiency of
 our distribution system that we have been able to adjust ourselves
 according to growing demand for steel products, and hence, ensure
 maximum advantage from the growth of the economy.
 
 If I were to define the sole objective of the existence of Kamdhenu
 Ispat Limited, I would suggest that it is to serve the Indian customers
 by making world-class products available to them. With a vision to
 realize this goal, the company involves into the manufacturing,
 marketing, branding and distribution of wide range of construction and
 infrastructure products. Kamdhenu Ispat Limited has a legacy of rich
 portfolio of steel products that includes Reinforcement Steel Bars
 (TMT/HSD), Structural Steel (Angle, Beam, Channel and Flat) and Binding
 Wire. The aspiration to be present with the customers at their places
 has inspired the company to provide various other products that are
 essential to complete a building such as Plywood, PVC Pipes and Paints-
 Colour Dreamz. The urge to serve the customers did not stop here and
 the company has diversified by entering into FMCG segment with its
 packaged drinking water brand Kamdhenu fresh.
 
 It''s the venturing spirit to introduce industry innovation that
 distinguishes Kamdhenu Ispat Limited from others. Apart from exploring
 the new business verticals, we have also invested significantly in
 upgradation of existing product range. We have joined the niche league
 by launching advanced varieties of TMT products namely 500D, Fe-500 and
 Fe-550 in India.  Responding to the upcoming huge demand for
 environment friendly products the company has added Eco-friendly paint
 products in its existing range of Architectural, Decorative and
 Designer paint products that enlists Exterior & Interior Emulsions,
 Synthetic & GP Enamels, Acrylic Distempers, Water Based & Solvent based
 Primers, Wood Finishes, Aluminum Finishes and Textured & Designer
 Finishes.
 
 To ensure that customers get the best quality products Kamdhenu Paints
 produces all its paint products at its state-of-the-art manufacturing
 plant located at Chopanki (Bhiwadi), Rajasthan.  Kamdhenu paints is
 among the few leading paint companies in India to own the latest
 ''Computerized Tinting Machine'' technology that allows customers to
 choose the precise shade of their choice. We have been installing it at
 our dealers'' outlets and have increased the reach of ''Computerized
 Tinting Machine'' technology significantly all across the country.
 
 Kamdhenu Ispat Limited has always been respected for the outstanding
 quality of its products.  Our products are in high demand because
 customers trust our brand name for excellence. The consistency in the
 quality of our products inspires customers to buy even the latest
 product introduced by us. Evidence to this fact is the speed with which
 we have been able to successfully establish our paint products and
 packaged drinking water in the market. In the financial year 2010-11,
 our paint division has contributed significantly towards the overall
 growth of the company.  Considering the present sales of our paint
 products in different parts of the country we can sense a very bright
 future for the company.
 
 Not to repeat that Kamdhenu Ispat Limited is the first company to
 introduce the concept of branded steel products in India. It is
 Kamdhenu Ispat Limited that firstly integrated the independent
 producers by coming up with the revolutionary ''Franchisee Association
 Business Model'' and brought the steel business into organized sector.
 Beneficial for all, our business model makes the products of the
 independent producers more sellable by allowing them the advantage to
 use our brand name; it empowers us to make our standard products
 available in different parts of the country more economically and at
 faster speed. With a view to maximize our reach, we have added more
 business associates making our production strength more than 50 units.
 
 Kamdhenu Ispat Limited ensures the availability of all its products in
 the remote areas of the country.  Our strong distribution network
 includes over 3500 dealers and distributors for marketing of steel
 products and over 5000 dealers and distributors for paint products.
 Apart from this we have also established over 30 sales depots
 countrywide for enhancing the marketing channel of paint products.
 
 Reaching out to the customers in all parts of the country is very
 important for an organization of our size. Kamdhenu Ispat Limited
 invests considerable funds in advertising and other marketing
 communication activities to ensure that the huge populace of the
 country becomes aware of the brand identity and product range of the
 company. This year also was no exception. We have run multimedia
 campaigns throughout the year apart from extensive branding activities
 at our dealers'' outlets.
 
 Since its inception Kamdhenu Ispat Limited has always made sure that
 
 the whole society gets benefitted from its existence. The social wing
 of the company Kamdhenu Jeevandhara supports numerous humanitarian
 causes to fulfill its responsibility towards the society.  It
 contributes significantly towards the education of underprivileged
 children. Kamdhenu Jeevandhara also runs Green India Campaign to
 mitigate the impact of global warming by motivating all its dealers and
 distributors to plant more than five saplings every year.
 
 Here once again, I would like to thank all our esteemed Stakeholders,
 Directors, Bankers, Financial Institutions, Dealers, Distributors,
 Franchisee Alliances, Employees and most of all to our Customers for
 consistently extending their support and trust in our abilities and
 making Kamdhenu Ispat Limited one of the leading construction and
 infrastructure companies in India.  We urge you to continue to trust
 us. We assure you that our relationship will always be mutually
 fructifying like it has always been.
 
 With warm regards,
 
 Yours sincerely
 
 Satish Kumar Agarwal
 
 Chairman & Managing Director